Laings reveals first full-year results as one brand

Luxury jewellers Laings has announced it achieved sales of £42.3m in the year to 31 May 2019.

It is the first full year that the jewellers has operated under one brand.

Sales also saw a like-for-like increase of 17.4%, and an operating profit of £4.2m was also reported.

The company says that operating under one brand has put it in a “much better place strategically”, allowing the brand a recognisable presence across all stores, as well as a centralised customer experience.

The move also allowed the brand to promote itself on a national level through clearer marketing and advertisment opportunities. 

In its latest trading update, the company also reported “strong growth” from brand partners such as Richemont, Swatch, LMVH and Breitling, as well as “continued solidification” of its Rolex and Patek Phillipe business.

Laing’s larger scale operation also resulted in a wider range of products made available to customers, both in-store and online. 

Its services offering has also grown this year, with a reported expansion of repair, bespoke and in-house valuation services. 

The company said its focus for the coming year is to “invest in their Services department, building on their current offering of repairs and bespoke design, whilst also looking to expand their existing retail locations”.

Joe Walsh, CEO of Laings, said: “I am delighted with the first full set of annual accounts since the acquisition of Laing and Parkhouse. 

“We have brought all businesses under one brand, consolidated and streamlined the watch and jewellery offering, whilst continuing to invest in both our after-sales and bespoke business.”

He added: “We have refurbished the Glasgow, Southampton and Cardiff stores and continue to invest in our people and infrastructure. The bulk of the integration is now complete and we plan to drive further growth through excellent customer service experience. 

“Delivering such strong growth whilst going through a restructuring is testament to our team.”